Eldridge Industries

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Eldridge Industries, LLC
TypePrivate investment
Founded2015; 6 years ago (2015)
FounderTodd Boehly
HeadquartersGreenwich, Connecticut, U.S.[1]
Websiteeldridge.com

Eldridge Industries LLC is a holding company headquartered in Greenwich, Connecticut, with offices in New York, London, and Beverly Hills.[1][2][3][4][5] Eldridge makes investments across the insurance, credit, technology, real estate, media, sports, and consumer industries.[1][6][7][8][9]

History[edit]

Eldridge was formed in 2015 by CEO and Chairman Todd Boehly, President Anthony D. Minella, and General counsel Duncan Bagshaw,[10][11] after Boehly purchased Dick Clark Productions, Billboard and The Hollywood Reporter, and Mediabistro from Guggenheim Partners.[8][4]

In March 2017, Eldridge led a round of funding estimated at over $100 million for DraftKings, a daily fantasy sports contest provider.[2][12] Eldridge also has a stake in the Los Angeles Dodgers;[13] Chavez Ravine, the acreage around Dodger Stadium;[14][15] Cloud9;[16] Atrium Sports;[17] The Ready Games;[18] and Epic Games.[10]

In 2017 Eldridge acquired, with a co-investor, Pittsburg-based NPC International, LLC, the largest franchisee of Pizza Hut (part of Yum Brands), and Wendy's.[19] On July 1, 2020 NPC filed for Chapter 11 bankruptcy.[20]

Eldridge seeded Essential Properties Realty Trust, a REIT that went public in June 2018 under the symbol NYSEEPRT.[21]

The firm also provided financing to Prescient, a building technology platform, for $50 million in July 2018.[22] Eldridge committed an additional $40 million in funding for the company in June 2020 for a total of $90 million.[23][24]

In 2018, Eldridge also became a partner for the Global Citizen Festival, which was held in South Africa to honor the life and legacy of Nelson Mandela in his centenary year.[25]

In October 2019, Eldridge invested $300 million in real estate investment company Kennedy Wilson.[26]

In 2019, Eldridge increased its investment in Maranon Capital, an investment manager, resulting in Eldridge holding a majority ownership stake in the company.[27]

Eldridge committed €1 billion to Blackbrook Capital, an independent European real estate investment firm, in March 2020.[28][29]

Eldridge owns Security Benefit Life Insurance, an insurer with $40 billion in assets;[13] Valence Media;[30] CBAM Partners, an SEC-registered investment advisor;[31] Stonebriar Commercial Finance, a large ticket commercial finance and leasing company;[32] and co-owns Cain International, a London-headquartered real estate firm which owns The Beverly Hilton and Waldorf Astoria Beverly Hills.[33][34][35]

Eldridge owns a technology platform for insurance companies, SE2.[36][37] In 2019 SE2 and Life.io launched an integrated life insurance and annuity platform, SE2 Digital Engage.[38]

Thirteenth Floor Entertainment Group, an operator of horror-themed entertainment venues and escape rooms, is partially owned by Eldridge.[39][40]

Eldridge has invested in fintech companies PayActiv, Stash and Truebill.[41] The company has invested in technology companies Capital Integration Systems (CAIS),[42] Digital Asset,[43] and Cutover.[44]

In 2020, Eldridge participated in a $1.1 billion financing round for digital delivery service Gopuff.[45] The firm led a $475 million financing round for artificial intelligence company Dataminr.[46] Eldridge also invested in mobile game developer Tripledot Studios.[47]

Eldridge acquired data technology company Knoema.[48] Eldridge was part of a group of creditors who invested $1.2 billion in Canadian company Cirque du Soleil in 2020.[49]

In December 2020, Eldridge provided financing to Ark Invest, allowing ARK founder Cathie Wood to remain majority shareholder of the company.[50]

In January 2021, the College of William & Mary announced that it had partnered with Eldridge to develop a series of courses related to fiscal policy at the Mason School of Business.[51]

Eldridge invested in DPL Financial Partners in January 2021.[52] Hudson Structured Capital Management refinanced in 2021, with Eldridge as its principal backer.[53]

Eldridge has backed hospitality group Aurify Brands since it was founded in 2011.[54] Eldridge invested in international bakery-restaurant chain Le Pain Quotidien through Aurify in March 2021.[55] Eldridge also invested in pizza restaurant chain Chuck E. Cheese.[56]

That year, Eldridge invested in PPRO Financial and Clearcover Insurance.[57][58] Eldridge also acquired sporting goods producer G-Form, which produces Smart-Flex athletic gear.[59]

Horizon Acquisition Corporation[edit]

Eldridge's special-purpose acquisition company Horizon Acquisition Corporation was founded in June 2020.[60] The company filed for a blank check IPO of $575 million in August 2020.[61] Horizon Acquisition Corporation II, an SPAC focused on media and entertainment, in August 2020.[62]

In March 2021, Eldridge's Horizon Acquisition Corporation III filed for a $500 million IPO.[63]

Media holdings[edit]

In 2015, Eldridge put some of its media properties up for sale, including Adweek and the Clio Awards.[64] Adweek was sold a year later to Beringer Capital, a private equity firm that invests in digital media and marketing services.[65] The Clio Awards, a 58-year-old ad industry event, was sold to investment company Evolution Media in 2017.[66]

In December 2016, Billboard-Hollywood Reporter Media Group purchased the music publications Spin, Stereogum and Vibe from SpinMedia for an undisclosed amount.[67]

In February 2018, Eldridge announced it would be consolidating three of its entertainment properties into a new company, Valence Media, which rebranded as MRC on July 20, 2020.[68] The properties included Media Rights Capital, a film and television studio which created Netflix shows Ozark and House of Cards;[69][70] Dick Clark Productions, a producer of award shows and other live event programs; and the Billboard-The Hollywood Reporter Media Group.[71][72][73]

MRC's co-founders Asif Satchu and Modi Wiczyk serve as co-CEOs and Boehly serves as Chairman.[72][74] MRC also owns a minority stake in film distributor A24;[73] and London-based production company Fulwell 73.[75][76]

In December 2019, Valence acquired Nielsen Holdings' music data business.[77]

In January 2020, MRC sold music publications Spin and Stereogum to Next Management Partners.[78]

In November 2020, Eldridge acquired the music publishing rights to American rock band The Killers, covering the band's first five albums. Universal Music Publishing Group will continue to administer the catalogue.[79]

In September 2020, it was announced that Penske Media Corporation and MRC would form a joint venture named PMRC. The new venture would manage the daily operations of publications such as Billboard, the Hollywood Reporter, Vibe, Variety, Rolling Stone and Music Business Worldwide.[80] A second joint venture between MRC and Penske was also announced, to manage content and intellectual property such as television series, films, and live events including South by Southwest.[81]

References[edit]

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External links[edit]